Ugh, no. That was the beginning of Luffy starting to be called Emperor. You don't become an Emperor overnight. The people have to start calling you that. Bounty is not enough (see Kid and Law).
In reality 5th Emperor meant Luffy was Low Top Tier. His bounty was higher than Marco, King, Katakuri and was considered the "ringleader" because of his bounty in Wano, even Marco.
In fact, that's how we found out Marco's bounty was < Luffy's before VCs came out.